Digital mortgage lending platform Accept.inc has raised $90 million in debt and equity financing.
SingalFire led the firm’s equity financing to the tune of $12 million, with Y Combinator and DN Capital also involved. It brings Accept.inc’s total raised to $92 million.
The firm describes itself as an “iLender”, and plans to entice customers with a promise to cover any unexpected costs in the buying process.
It targets those willing and able to make all-cash purchases of homes by fronting the money and then taking commission from mortgage origination.
Accept.inc went through Y Combinator in late 2019, which it credits with the creation of its iLender concept.
The benefits of the new model, founder Adam Pollack tells TechCrunch, is that buyers can be cash buyers, sellers can close in 72 hours, and agents get a “guaranteed” commission.
“The fundamental problem with a traditional mortgage transaction is that sellers and agents really have no way of knowing the creditworthiness of buyers who place bids on their home,” Pollack writes in a company blog.
“We’ve transacted hundreds of millions of dollars’ worth of homes, grown the team to over 90 amazing people, and helped thousands of buyers, sellers, and agents.
“As we announce our $90 million that we raised over the past year to get us closer to this goal […] we still have so much to do.”
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